Affordability Benefits from True Real-Time Reporting, Available
Through LendProtect

Up-to-the-Minute Real-Time Credit Reporting Recommended for High
Cost, Short Term Credit (HCSTC) Lender Best Practices

July 01, 2014 04:00 AM Eastern Daylight Time

LONDON--(BUSINESS WIRE)--Moving forward, the High Cost, Short Term Credit (HCSTC) industry must
enable processes that increase transparency of a borrower’s behaviours
to better assess affordability. LendProtect
UK Ltd. (LendProtect), the leading provider of underbanked consumer
data, affordability and risk scoring solutions on those underserved by
traditional banking channels, is the foremost company that offers the
up-to-the-minute real-time reporting that is needed for improved
affordability assessment.

“In this on-demand age of instant information, decisions and delivery
has challenged the entire financial services industry, but short-term
lenders are leading the way through companies like LendProtect,” says
Russell Hamblin-Boone, Chief Executive of the Consumer Finance
Association. “We support that the industry needs to quickly adopt
real-time reporting, which provides lenders access to more information
on a borrower’s financial situation and enables them to identify
consumers’ current commitments and their ability to repay, protecting
the lender from risk of default and the consumer from associated high
interest rates.”

Along with real-time reporting, LendProtect also offers lenders access
to BankLogic,
a platform that allows lenders to have seamless access to potential
customers’ income and expenditure through a secure process that is
granted by consumers. The bank statement includes account ownership,
deposits, transaction details and balances. This service provides
lenders even greater visibility to a borrowers’ credit risk. Using BankLogic,
Lenders can see 90 days of their prospective customers’ banking
activities, including all deposits and individual transactions to payees.

“We’ve offered true real-time reporting to lenders in the UK for the
past five years. We know the impact it can have on lenders and their
daily decision making process. Real-time consumer credit data,
accompanied with the assistance of BankLogic, offers a holistic,
long-term view of an applicant’s ability to pay that isn’t available
through the mainstream bureaus,” explains Greg Rable, CEO of
LendProtect’s parent FactorTrust. “Our services empower lenders to more
accurately assess affordability, helping them engage borrowers with the
appropriate product suited specifically to their needs. We give them the
tools to make the best and most accurate decisions for themselves as
well as the customer.”

LendProtect UK Ltd. has compiled the most comprehensive data on the
underbanked market in the industry on portfolios that report data daily,
in real time. This daily loan performance data on millions of
underbanked consumers is analysed in order to provide instant lending
decisions using the company’s comprehensive scoring platform. Lenders
are continually faced with the challenge of how to effectively and
intelligently manage risk and assess affordability on this segment. This
analysis uses data not typically reported to the credit bureaus, and is
invaluable in helping consumers have access to better borrowing options,
while also providing a more accurate assessment of the consumer for
lenders. For more information please contact LendProtect UK at +44 (0)
114 221 2003 or Sales@lendprotect.co.uk.